Indian authorities have made a significant breakthrough in the fight against crypto-related financial crimes with the arrest of Garantex co-founder Aleksej Besciokov. The Lithuanian national was apprehended in Kerala’s Varkala town while on vacation with his family. Besciokov is facing charges of running an unlicensed money-transmitting business and participating in a money laundering conspiracy.
US and European authorities had recently seized Garantex and its online operations as part of a coordinated crackdown on alleged money laundering activities. The exchange, based in Moscow, was sanctioned by the US Treasury in 2022 for processing illicit transactions associated with ransomware, drug trafficking, and cybercrime. Prosecutors claim that Garantex facilitated financial transactions for Russian criminal organizations involved in hacking and extortion activities targeting American entities.
The arrest of Besciokov was made possible through a provisional warrant issued by the Additional Chief Judicial Magistrate of Patiala House Court in New Delhi. The Central Bureau of Investigation (CBI) and Kerala Police worked in conjunction, following an Interpol Red Notice at the request of US authorities. Deputy Superintendent of Police B. Gopakumar stated that the accused will be remanded in Kerala for two days before being extradited to Delhi for further legal proceedings.
This arrest is part of a wider global effort to combat crypto-linked financial crimes. The US Department of Justice recently unsealed an indictment against Besciokov and his associate Aleksandr Mira Serda, charging them with money laundering, conspiracy to violate US sanctions, and operating an unlicensed financial entity. While Serda is still at large, efforts are underway to track him down. Besciokov is expected to be extradited to the US after completing legal formalities in India.
Authorities allege that Garantex processed hundreds of millions of dollars in illicit transactions from 2019 to 2025, including ransomware payments from notorious groups like Conti, Black Basta, and Play. The US Treasury’s Office of Foreign Assets Control (OFAC) designated Garantex as a high-risk entity, effectively cutting off its access to the global financial system.
The arrest of Besciokov underscores the commitment of law enforcement agencies worldwide to crack down on illicit activities in the crypto space. By dismantling networks like Garantex, authorities aim to disrupt the flow of funds to criminal organizations and protect the integrity of the financial system. This development serves as a warning to others engaged in similar illegal activities that they will be held accountable for their actions.